Nike stock stepped up Monday after receiving an upgrade and a price target hike. Shares of the Dow Jones retailer broke out above a key moving average for the first time in almost four years.
JPMorgan Chase on Monday upgraded Nike to overweight from neutral and hiked its price target on shares to 93 from 64, The Fly reported, marking the firm's first hike to Nike's estimates in 13 months. Following analysis and discussions with management, JPMorgan expects a multiyear recovery for Nike, starting in the second half of the fiscal 2026. That should drive annual earnings growth in the high-teens to 20% through 2030.
Nike Stock Receives Upgrade, Target Hikes On Turnaround Efforts
JPMorgan's upgrade comes after Goldman Sachs raised its price target on Nike stock on July 22, according to a note obtained by The Fly. The firm updated its expectations for its U.S. apparel and softlines coverage to reflect tariff rates, including 30% for China; 20% for Vietnam; 19% for Indonesia and 10% for the rest of the globe, and adjusted its price targets. Analyst Brook Roach said that she remains constructive on the resiliency of the consumer and does not see meaningful downside risks to sales estimates this quarter overall for the group. Still, there are risk factors that are "worth watching."
Goldman Sachs raised its price target on Nike stock to 85 from 81 and kept a buy rating on the shares.
Nike Stock
Nike stock surged 3.9% Monday to 79.25.
Investors could consider Nike at this point above a bottoming base, pushing above a handle buy point of 77.50. The move marks the stock's first breakout above the 200-day line since November 2021.
Nike stock has advanced more than 11% this month, and is now positive on the year with a 4.7% gain.
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